The number of Americans receiving Social Security benefits reached a new high in April, with more than 69.3 million individuals receiving monthly payments, according to data from the Social Security Administration (SSA). This increase comes as the SSA faces funding challenges. The SSA provides monthly benefits to retired workers, widowed spouses, children, and Americans with disabilities.
For many, these checks are the primary source of income necessary to cover basic needs such as food, transportation, and housing. In April, the number of Americans receiving Social Security benefits climbed to 69.37 million, up from 69.16 million in March. This upward trend has been consistent over the past decade.
In April 2024, 67.7 million people received benefits, and in 2020, the number was 64.62 million. The earliest year for which the SSA has publicly available data is 2012, when 56.75 million Americans received payments.
Social Security benefits reach new high
These figures do not include recipients of Supplemental Security Income (SSI), another benefit overseen by the SSA, which would further increase the overall recipient numbers. Frank Bisignano, the former CEO of Fiserv, has recently hinted at potential reforms aimed at streamlining SSA’s operations by incorporating private-sector efficiencies. These proposals include reducing the number of improper payments through the use of artificial intelligence (AI) and technological upgrades.
During his confirmation hearing, Bisignano remarked, “At the end of the day, we need to evaluate the ability to pay back and work it out… I’m going to make sure we recover all the money we should recover, but on the other hand, we need to be human in the process too.”
Kevin Thompson, CEO of 9i Capital Group, highlighted the demographic shift contributing to the increase in beneficiaries: “We have 10,000 people reaching 65 each day, and more people are aging in our population. This trend is due to medical and technological advancements that allow people to live longer, increasing the number of retirees dependent on the Social Security system.”
Drew Powers, founder of the Illinois-based Powers Financial Group, noted, “The number of Social Security beneficiaries is reaching a peak as the last of the Baby Boomers turn 62 and are first eligible in 2026, then the full retirement age of 67 in 2031, and at age 70 in 2034.
Due to the higher number of people entering retirement and the smaller younger generation workforce, the SSA is facing a funding shortfall as early as the mid-2030s.
The system’s funding is structured to cover benefits through 2090, but the surplus, known as the Trust Fund, which enables full payouts, is under strain,” Thompson explained. Without substantial reforms such as means testing, raising the income cap for Social Security taxes, or increasing the retirement age, the system will only be able to pay about 79 percent of scheduled benefits after the Trust Fund is depleted. This potential shortfall represents a major risk to retirees, many of whom rely heavily on these benefits, potentially leading to a retirement crisis if not addressed promptly.
